The main purpose of EAs is the programmed control over trades. EAs are coded by users. There are no built-in EAs in the client terminal. A script is a program coded in MQL4 and executed by the client terminal only once. Scripts are intended to perform operations that should be executed only once. Scripts are coded by users. They are not delivered with the client terminal as built-in programs.
Properties of programs
Metatradet A custom indicator is a program coded in MQL4 and called by the client terminal to be executed at every tick. It is basically intended for graphical displaying of preliminarily calculated data, such as lines. Indicators cannot trade. There are two types of indicators: Indicators are considered in detail in Usage of technical indicators and Creation of custom indicators. You choose the type of the program to write depending on the purpose of the specific program and on the properties and limitations of the different types of programs.
Properties of programs Launching a program for programmong There is a criterion that distinguishes EAs and custom indicators from scripts. This is their run duration. In Some basic conceptswe mentioned already that programs are launched as often as there is a tick. This statement is true for EAs and custom indicators, but it is false for scripts. EA and custom indicator. Once you have attached a program EA or custom indicator to the symbol window, the program makes some preparations and switches to the tick-waiting mode.
As soon as a new tick comes, the program will be launched by the client terminal for execution, then it makes all necessary operations prescribed by its algorithm. Upon completion, the program passes the control to the client terminal, that is it switches to the tick-waiting mode.
This is why not all the ticks result in launching an EA or a custom indicator. Only those ticks that come in when the control is in the client terminal and when the program is in the tick-waiting mode call the EA or custom indicator. Expert Advisor Without Indicator Using custom programming, you can build an expert advisor that EA builders and generators cannot produce. For example, you can program your trading robot to carry out specific trading styles, such as grid trading, hedge, martingale, or scalping. However, programming such an EA will require more effort and expert technical skills.
Apart from having excellent programming skills, you also need to be excellent in your preferred style of manuao. If you go ahead and create such an advanced robot without expert-level trading skills, you may end up creating a money-eating EA, which could lead to more losses. So, mastering how to program a forex robot is not easy. Furthermore, such types of robots are usually too complicated for the average user.
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For anyone to use them, he or she should first master the advanced trading strategies, something which takes time and effort. If you maual trading with such complicated robots without enough trading skills, you could make risky decisions, which could also increase your losses. Forex Robot Source Code The forex robot source code contains the list of commands that your EA will be using to execute trading decisions. It is the most fundamental component of your trading robot.
Meratrader expert advisor can orogramming one or more source codes—depending on the complexity of the instructions to be executed. Expert advisor programmers can include comments in the source code to assist in increasing its readability. Whereas complicated trading robots usually reference hundreds or thousands of lines of code, it is more common for simple robots to reference only a few lines of code. If the EA has several source files, it can be organized into various sections. If you have a single file with multiple functions and commands, it could be difficult to find some sections of the code.
It is very important to have the source of the robot, regardless of its type or complexity.
It can be contained in an expert advisor programming pdf document. Ptogramming way, you can easily alter the code if necessary. For example, if a trading platform is updated programmin some significant changes in the market have taken place, you can easily make the updates. If trying the performance of your forex robot under simulated forex trading conditions and you are not satisfied with its performance, you can easily go back to the source code and make appropriate changes. Without having the source code, it could be difficult to make such improvements. Furthermore, having access to the forex robot source code also enables you to make a meaningful contribution to the community.
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You can share the Metatrader programming manual to assist other learners or you can recycle some of its portions for use ptogramming developing more powerful automated trading systems. Forex EA Generator The Forex EA generator is the new way to create reliable trading robots without requiring programming skills or other technical skills. Relying on the old way of creating robots consumes a lot of time prigramming is quite expensive, especially if you are beginning expert advisor programming with MetaTrader. With an EA mannual, you just input your preferred trading strategy preferences and the rest of the process is automatically completed for you—without writing a single line of code or following complicated instructions in some expert advisor programming for MetaTrader 5 pdf manual.
Spending countless hours learning how to build expert advisor will also be unnecessary. Importantly, before using an expert advisor builder, you need to carry out preliminary research to identify your trading strategy. You should come up with a technique that best represents your personal characteristics and preferred trading style. Some functions that require detailed explanations have already been considered in the preceding sections. In this present section, we consider the most frequently used standard functions and give some examples of how to use them in programs.
At the end of each subsection, we provide the full list of functions of a certain category and their brief description. Creation of Normal Programs As a rule, once having practiced the coding of some simple applications in MQL4, the programmer goes to a more sophisticated project: He or she creates a convenient program intended for practical use. In some cases, simple programs do not satisfy the needs of a trading programmer for at least two reasons: The limited functionality of simple programs cannot completely provide the trader with all necessary information and trading tools, which makes the application of such programs less efficient.